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On January 21, IDBI Bank had received Rs 5,030 crore from LIC and on December 28, 2018, LIC had pumped in Rs 14,500 crore capital into the bank as part of its takeover. (photo: file)

Timeline for LIC to reduce stake in IDBI Bank depends on business model: IRDAI

The insurance giant has been given the approval to acquire 51 per cent stake on the condition of bringing it down to below 15 per cent.

03 Feb 2019 4:53 PM

IDBI Bank and LIC have started working to ensure full realisation of their synergies over the next 12 months.

LIC completes acquisition of 51 per cent stake in IDBI Bank

The bank had reported a net loss of Rs 3,602.49 crore during the September quarter of 2018-19.

21 Jan 2019 1:03 PM

IDBI Bank would get huge amount of low-cost deposits of the policy holder and it can also cross-sale products of LIC.

22 per cent shareholders exit IDBI after LIC makes open offer

The open offer for 2,04,15,12,929 shares was made last month at a price of Rs 61.73 per share.

14 Jan 2019 10:11 AM

The association, in its appeal, told the bench that LIC's move to acquire 51 per cent stake in the IDBI violated provisions of the Insurance Act.

Delhi HC dismisses appeal against LIC move to acquire 51 pc stake in IDBI

LIC to pay back its policy holders since it will have to invest an amount of Rs 13,000 crores to acquire the 51 per cent stake.

21 Dec 2018 11:59 AM

The national carrier had collected Rs 291 crore as lease rentals from the property between FY13 and January 2018.

LIC, GIC show interest in buying Air India building in Mumbai

Air India management has been trying to pare burden by monetising non-core real estate properties.

07 Dec 2018 5:51 PM

In October, LIC announced an open offer for acquiring 26 per cent of equity in IDBI Bank at a price of Rs 61.73 per share.

Govt not to participate in LIC's open offer in IDBI Bank

LIC's open offer to purchase 26 per cent shares of IDBI Bank opened on December 3 and will close on December 14.

04 Dec 2018 2:12 PM

NCLT to extend the moratorium so that legal action can’t be taken by creditors against IL&FS or its 347 group entities.

Govt may nudge LIC, SBI to buy out IL&FS

LIC and ORIX Corporation of Japan are the largest shareholders in IL&FS having 25.34 per cent and 23.54 per cent stake respectively.

12 Nov 2018 12:16 PM

IDBI Bank had said that LIC's open offer to purchase shares from the minority shareholders of the state-owned bank will kick-start from December 3.

LIC seeks CCI nod for IDBI Bank deal

LIC has offered to acquire 2,04,15,12,929 equity shares, representing 26 per cent of the fully paid-up equity capital of IDBI Bank.

31 Oct 2018 5:25 PM

The board of IDBI Bank approved the preferential allotment of equity shares to LIC.

LIC makes Rs 12,602 crore open offer for IDBI stake

LIC came out with an open offer for acquiring 26 per cent equity in IDBI Bank at a price of Rs 61.73 per share.

05 Oct 2018 11:18 AM

RBI has been taking steps to improve the overall cash situation.

Govt moves NCLT for management change at IL&FS

IL&FS, where LIC is the largest shareholder with 25.34 per cent stake, has a debt burden of over Rs 90,000 crore.

01 Oct 2018 12:43 PM

IL&FS Financial Services defaulted on bank loans, including interest of Rs 284.5 crore to five banks.

LIC, Orix, SBI to subscribe to Rs 4,500 crore IL&FS rights issue

The announcement came at the annual general meeting (AGM) of the company that has been defaulting on debt obligations.

29 Sep 2018 1:46 PM

IDBI Bank said it has received a letter from LIC conveying approval of their Board of Directors for subscribing to the equity capital of the bank.

IDBI board to consider allotment of 51 pc shares to LIC on Oct 4

IDBI Bank's scrip closed at Rs 50 on BSE, up 0.40 per cent.

28 Sep 2018 6:11 PM

Company has defaulted in payment of quarterly interest of Rs 2.12 crore, which was due on September 19, 2018.

Hotel Leela defaults on payment of quarterly interest to LIC

Hotel Leelaventure said the total interest outstanding as on date is Rs 13.80 crore.

20 Sep 2018 11:06 AM

The insurance regulator in June had permitted LIC to increase its stake to 51 per cent in IDBI Bank.

IRDAI to set timeline for LIC to cut stake in IDBI Bank to 15 per cent

LIC currently holds 7.98 per cent in debt-ridden IDBI Bank, and is in the process of increasing its stake to 51 per cent.

07 Sep 2018 3:59 PM

LIC has been looking to enter the banking space by acquiring a majority stake in IDBI Bank.

LIC board decides modalities, timeline for stake hike in IDBI Bank

LIC is in the process of picking up additional 7 per cent stake in IDBI Bank through preference shares.

04 Sep 2018 1:49 PM

The jury is not yet out on whether LIC acquiring IDBI banks is a prudent investment or not.

As a captive bank, IDBI will get fresh liquidity from LIC deposits

IRDA has bent backwards and favoured LIC, which has been bailing out government divestment initiatives.

27 Aug 2018 8:46 AM

Ministry official said the deal is half done at this stage and needs closure since the financial condition of IDBI Bank is too weak.

LIC will be asked to speed up IDBI Bank acquisition process

IDBI Bank and LIC chairman did not reply to queries in this regard.

23 Aug 2018 8:40 AM

The LIC-IDBI deal has been approved, a source said after the meeting of Union Cabinet, chaired by Prime Minister Narendra Modi.

Cabinet clears LiC purchasing stake in IDBI

On the NSE, shares of the company surged 5.60 per cent to close at Rs 62.15.

02 Aug 2018 1:37 AM

The proposed investment by the LIC into the bank will be funded by policyholder funds rather than the life insurers own funds.

Moody's places IDBI Bank's long-term ratings for upgrade

The bank's board has sent the LIC's proposal for buying 51 per cent to the government for approval.

25 Jul 2018 1:23 PM

The gross NPA ratio of LIC’s debt portfolio steadily climbed to 6.23 per cent in FY18 compared to 4.73 per cent in FY17.

LIC posts 33 per cent increase in investment profits

As at March 31, 2018, LIC balance sheet increased to Rs 27.91 lakh crore compared to Rs 25.29 lakh crore.

04 Jul 2018 9:03 AM

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Sunil Gatade